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The hair restoration market was valued at USD 9,255 million in 2020, and it is expected to reach USD 12,019 million by 2026, registering a CAGR of nearly 4.5% during the forecast period, 2021-2026.
The ongoing COVID-19 pandemic has affected the hair restoration business to a larger extent owing to the lack of preference for non-emergent surgical procedures among the population. Various regulatory bodies across the world have also recommended the surgeons to avoid all kinds of non-emergent surgical procedures due to the high risk of infection. Hence, considering the unprecedented impact of COVID-19 on the hair restoration market, it is evident that the market will experience a slightly negative impact in the foreseeable future.
The key factors propelling the growth of the hair restoration market are the increasing popularity of hair transplants and the increasing prevalence of various forms of dermatological disorders leading to hair loss. As per the report published by the Hair Society, over 35 million men and 21 million women suffer from alopecia or hair loss worldwide. Of these, over 650,000 of them undergo hair transplants as the most effective treatment option annually. This increase in the prevalence of hair loss among the population is the major reason giving rise to hair transplantation surgery. The International Society of Hair Restoration Surgery (ISHRS) estimated that 735,312 hair restoration procedures were performed worldwide in 2019. This number represented an overall increase of 16% from 2016, and that year, 635,189 hair transplantation procedures were tallied globally. The data suggested that a large number of people are going for hair restoration procedures across the world, resulting in the growth of the hair restoration market.
In addition, technological advancements in hair transplant devices are also increasing the success rate of these procedures and boosting the demand for these procedures. For instance, in March 2018, Restoration Robotics Inc. received the United States Food and Drug Administration (FDA) 510(k) clearance to expand the ARTAS technology to include implantation. The introduction of these novel technologies has reduced maximum errors and increased the success rate of the treatment, thereby driving the market. However, cost constraints and high post-surgery care, along with adverse side effects, are the factors that can hamper the market growth.
Scope of the Report
As per the scope of the report, hair restoration is a procedure in which the hair is moved from the back and/or sides of the scalp, where the hair is permanent (donor area), to the areas that are thinning or bald on the front, top, or crown of the scalp (recipient area). Once transplanted, the hair is likely to grow normally. The hair restoration market is segmented by recipient area (scalp and non-scalp), treatment (follicular unit extraction (FUE), follicular unit transplant (FUT), laser therapy, stem cell therapy, and other treatments), end user (hospitals, clinics, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|By Recipient Area|
|Follicular Unit Extraction (FUE)|
|Follicular Unit Transplant (FUT)|
|Stem Cell Therapy|
|By End User|
|Other End Users|
Key Market Trends
Scalp Accounts for the Largest Market Share in the Recipient Area Segment
The scalp segment of the hair restoration market is anticipated to account for the major market share over the forecast period. The target population for this segment includes men suffering from pattern baldness, women with thinning hair, and victims of the scalp or burn injury. According to the survey conducted by the International Society of Hair Restoration Surgery (ISHR) in 2017, the scalp was the most common donor harvest site, which accounted for 93.7%, followed by beard (6.4%) and chest (3.2%). Owing to the surging hair loss problem across the world and increasing awareness of people about their appearance, the demand for scalp hair treatment has increased. The ISHR has also stated that scalp treatment is the most common hair restoration treatment.
Owing to the gaining popularity of the scalp treatment segment, the market players are also strategizing to increase their market share and are coming up with innovative products and seeking approvals. For instance, in March 2018, Restoration Robotics Inc. received the US Food and Drug Administration 510(k) clearance to expand the ARTAS technology to include implantation into thinning areas on the scalp. Also, earlier in February 2018, Venus Concept Ltd acquired NeoGraft Solutions’ hair restoration business to expand the customer base of the company in scalp treatment. Hence, considering the factors mentioned above, the scalp segment is forecasted to have lucrative growth in the future.
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North America Dominates the Market and a Similar Trend is Expected in the Forecast Period
North America upholds the maximum market share of the hair restoration market, with the presence of a large target population base in this region. As per the International Society of Hair Restoration Surgery in 2019, the United States/Canada accounted for 182,025 surgical hair restoration procedures, whereas in 2016, these countries accounted for 140,991 surgical hair restoration procedures. This data shows an increase of 29% in surgical procedures from 2016 to 2019, and how the acceptance is increasing in the population of North America regarding the hair restoration procedure.
Also, according to the National Alopecia Areata Foundation, alopecia areata, which is one of the common autoimmune dermatological diseases that cause hair loss, affects 6.8 million in the United States, with a lifetime risk of 2.1% in 2018. In addition, increasing celebrity and media influences and growing awareness regarding one’s appearance, coupled with high income and growing word of mouth, are the potential drivers for the North American hair restoration market growth.
The rising number of hair transplant surgeries and the presence of a large player base in this region are also giving rise to the number of product launches and expansions in the market. For instance, in March 2018, Lexington International LLC, a US-based manufacturer and developer of advanced phototherapy medical devices, received the ANVISA approval for HairMax Laser devices (HairMax LaserBand 82 and the Prima 7, Ultima 9, and Ultima 12 LaserComb) to market for the treatment of hereditary hair loss in Brazil. Hence, owing to all the aforementioned factors, the market is projected to grow exponentially.
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The hair restoration market is highly competitive. With technological advancements, some mid-size to smaller companies are increasing their market presence by introducing new products at low prices. Some of the major players in this market are Restoration Robotics, Venus Concept, Igrow, and Theradome.
In September 2020, Stemson Therapeutics received USD 7.5 million seed financing led by Allergan Aesthetics, an AbbVie company, and impact investor Fortunis Capital to advance the development of Stemson’s therapeutic solution to cure hair loss.
In January 2020, the Global Institute of Stem Cell Therapy and Research (GIOSTAR) launched a new stem cell therapy center in Cancun Riviera, Mexico, to further bolster its leadership in global medical tourism.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Popularity of Hair Transplants
4.2.2 Increasing Prevalence of Various Forms of Dermatological Disorders leading to Hair Loss
4.3 Market Restraints
4.3.1 Cost Constraints
4.3.2 High Post-surgery Care along with Adverse Side Effects
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Recipient Area
5.2 By Treatment
5.2.1 Follicular Unit Extraction (FUE)
5.2.2 Follicular Unit Transplant (FUT)
5.3 By Therapy
5.3.1 Laser Therapy
5.3.2 Stem Cell Therapy
5.3.3 Other Therapies
5.4 By End User
5.4.3 Other End Users
5.5.1 North America
18.104.22.168 United States (By Recipient Area, Treatment, Therapy, and End User)
22.214.171.124 Canada (By Recipient Area, Treatment, Therapy, and End User)
126.96.36.199 Mexico (By Recipient Area, Treatment, Therapy, and End User)
188.8.131.52 Germany (By Recipient Area, Treatment, Therapy, and End User)
184.108.40.206 United Kingdom (By Recipient Area, Treatment, Therapy, and End User)
220.127.116.11 France (By Recipient Area, Treatment, Therapy, and End User)
18.104.22.168 Italy (By Recipient Area, Treatment, Therapy, and End User)
22.214.171.124 Spain (By Recipient Area, Treatment, Therapy, and End User)
126.96.36.199 Rest of Europe (By Recipient Area, Treatment, Therapy, and End User)
188.8.131.52 China (By Recipient Area, Treatment, Therapy, and End User)
184.108.40.206 Japan (By Recipient Area, Treatment, Therapy, and End User)
220.127.116.11 India (By Recipient Area, Treatment, Therapy, and End User)
18.104.22.168 Australia (By Recipient Area, Treatment, Therapy, and End User)
22.214.171.124 South Korea (By Recipient Area, Treatment, Therapy, and End User)
126.96.36.199 Rest of Asia-Pacific (By Recipient Area, Treatment, Therapy, and End User)
5.5.4 Middle-East and Africa
188.8.131.52 GCC (By Recipient Area, Treatment, Therapy, and End User)
184.108.40.206 South Africa (By Recipient Area, Treatment, Therapy, and End User)
220.127.116.11 Rest of Middle-East and Africa (By Recipient Area, Treatment, Therapy, and End User)
5.5.5 South America
18.104.22.168 Brazil (By Recipient Area, Treatment, Therapy, and End User)
22.214.171.124 Argentina (By Recipient Area, Treatment, Therapy, and End User)
126.96.36.199 Rest of South America (By Recipient Area, Treatment, Therapy, and End User)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Bernstein Medical
6.1.2 Cole Hair Transplant Group
6.1.3 Elite Hair Restoration
6.1.4 Hair Club
6.1.5 Hairline International Hair and Skin Clinic
6.1.6 Igrow Laser
6.1.7 Lexington Intl. LLC
6.1.10 National Hair Centers
6.1.13 Venus Concept
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Hair Restoration Market market is studied from 2018 - 2026.
What is the growth rate of Global Hair Restoration Market?
The Global Hair Restoration Market is growing at a CAGR of 4.5% over the next 5 years.
What is Global Hair Restoration Market size in 2018?
The Global Hair Restoration Market is valued at 9225 Million USD in 2018.
What is Global Hair Restoration Market size in 2026?
The Global Hair Restoration Market is valued at 12019 Million USD in 2026.
Which region has highest growth rate in Global Hair Restoration Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Hair Restoration Market?
North America holds highest share in 2020.
Who are the key players in Global Hair Restoration Market?
- Venus Concept
Are the major companies operating in Global Hair Restoration Market.